Vinod Rai steps down from IDFC Bank’s board

05 August 2016 Current Affairs: Former Comptroller and Auditor General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private sector lender IDFC Bank’s board.

However, Rai will continue to be the non-executive independent chairman of IDFC Ltd.

The decision was taken to avoid conflict of interest as Rai is also the chairman of Bank Board Bureau (BBB). THE BBB will not only select board members of public sector banks but will also devise strategies for them.

Rai was on IDFC Bank board since its inception in October 2015. He was appointed as the Chairman of Bank Board Bureau on 28 February 2016.

Vinod Rai : Vinod Rai was the 11th Comptroller and Auditor General of India.He assumed office on 7 January 2008 till 22 May 2013.He is the current chairman of UN Panel of External Auditors and Honorary Advisor to the Railways.

He is also a member of the Railway Kaya Kalp Council.He obtained a master's degree in Economics from the University of Delhi, and Masters in Public Administration from Harvard University.

He is widely considered as symbol of the anti-corruption movement.He is credited with having turned the office of CAG into a powerful force for accountability and transparency in contemporary India.